Pension Bridging
We can assist with bridging finance and bridging loans whilst you await the expected lump sum payout from the following:
Cost Schedule
- Minimum Term – 65 days
- Maximum Term – 90 days
- Minimum APR – 28 %
- Maximum APR – 28 %
Example :
- Loan advance R10,000
- APR 28%
- Initiation fee R1197
- 90 day service fee R205.20
- 90 day interest R783.79
- Total repayment at 90 days R12,185.99
Subject to lenders Terms and Conditions at time of quote.
Bridging Amount available
10% of the total value due to you, up to a maximum of R32 000, can be advanced without security.
Costs
The bridging fees are approximately 0.16% per day plus admin fees. Please confirm the fees with the lender when they process your application as they are subject to change without notice.
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DOCUMENTS REQUIRED
Pension / Provident fund
- Completed application forms (the documents will be sent to you on receipt of your enquiry)
- Your ID
- 2 month current bank statement
- Last pay-slip
- Pension / Provident Fund benefit statement
- Letter from employer confirming and accepting severance package / medical disability (where applicable)
- Letter of appointment with new company (where applicable)
- Divorce settlement (where applicable – i.e. if you are wanting to bridge a pension payout which is part of a divorce settlement)
NOTE: Please ensure that all documents are legible. If they are unclear or too faint, this causes delays in processing. In many instances bridging can be arranged in 5 working days but if the fund administrators do not process the application in good time, there can be delays in setting up the bridging facility. The lenders are very anxious to get the facility in position for you and will do what is necessary to make this happen. You can assist by urging the fund administrators to expedite the application, in order that the benefit can be paid as soon as possible after the date of bridging withdrawal, so as to reduce the total discounting fee payable to the bridging company.
Policies / Investments / Retirement Annuities
- Completed application forms (the documents will be sent to you on receipt of your enquiry)
- Your ID
- 2 month current bank statement
- Proof of policy/investment from the Insurance company
- Proof of maturity date of policy/investment
Death claims
- Completed application forms (the documents will be sent to you on receipt of your enquiry)
- Your ID
- 2 month current bank statement
- Beneficiary statement stating amount and distribution of monies
- Death certificate
- Divorce settlement where applicable
- Benefit statement from the fund of the deceased
- Latest pay slip of deceased if possible